TL;DR:
- Cerebrum Tech, a Turkish tech startup, secures $1.7 million in funding.
- Boğaziçi Ventures leads the investment round, valuing Cerebrum Tech at TL 420 million.
- Cerebrum Tech is known for its AI innovations in various sectors, including Web3.
- The investment will help the company expand its global presence and develop future technologies.
- Escort Technology Investment Inc. aims to cultivate tech unicorns in Turkey.
- The company focuses on healthcare and mobility ventures for digital transformation.
- Various startups in Escort’s portfolio show promising growth and potential.
- NiCAT Battery Technologies contributes to electric vehicle advancements.
Main AI News:
Cerebrum Tech, a trailblazing Turkish technology startup renowned for its groundbreaking innovations in artificial intelligence, finance, industry, e-commerce, and Web3, has successfully secured a new investment of TL 50 million ($1.7 million). The funding round, which values the company at TL 420 million, was spearheaded by Boğaziçi Ventures, a prominent venture capital firm in Turkey. This strategic investment places Cerebrum Tech in the BV Growth Venture Capital Investment Fund portfolio, which consists of both individual and corporate investors.
Cerebrum Tech garnered significant attention earlier this year with the launch of Cere, Turkey’s first 3D avatar-based artificial intelligence application, available in both personal and corporate versions. In September, the company introduced Cere Insight, an innovative AI solution capable of summarizing lengthy documents with multifile support, generating insights from large datasets, and creating customizable chatbots without the need for coding expertise, all thanks to its advanced LLM technology and seamless web integration.
With offices in Ankara and Istanbul, as well as a global presence in Silicon Valley, London, Seoul, Rotterdam, and Malta, Cerebrum Tech continues to lead the way in the finance, industry, e-commerce, and Web3 sectors.
Erdem Erkul, the founder and chairperson of Cerebrum Tech, expressed optimism about this investment, emphasizing that it will empower the company to expand its existing product portfolio on a global scale and continue innovating in the realm of future technologies. Erkul stated, “When we founded Cerebrum Tech in 2021, we aimed to contribute to the development of the technology entrepreneurship ecosystem in our country and become a successful next-generation technology company on an international scale. I believe that our agreement with Boğaziçi Ventures will pave the way for us to take valuable steps toward our goals. We will continue to scale our existing products in the global markets and develop innovative solutions in the field of future technologies such as artificial intelligence.”
In addition to Boğaziçi Ventures, Cerebrum Tech’s investors include Inveo Ventures Coinvestment Venture Capital Investment Fund, which focuses on investing in future technologies, and Faruk Eczacıbaşı, one of Cerebrum Tech’s initial investors. Boğaziçi Ventures, known for its focus on fintech, health tech, retail tech, and gaming, recognizes the potential of Cerebrum Tech’s projects, particularly in the domains of artificial intelligence and Web 3.0.
Barış Özistek, managing partner at Boğaziçi Ventures, stressed the strategic significance of Cerebrum Tech in their investment portfolio, underlining the company’s commitment to shaping the future through technology-driven innovations. Özistek stated, “Boğaziçi Ventures continued its strategy of investing in disruptive innovation projects built with cutting-edge technology, shaping the future through creative destruction, without slowing down in 2023. By joining our investors through the BV Growth Venture Capital Investment Fund, Cerebrum Tech, which we have already incorporated into our portfolio, has become one of our most significant projects.”
Turkish Venture Capital Firm Cultivates Tech Unicorns
Escort Technology Investment Inc., a prominent player in the Turkish venture capital scene with 61 startup investments in its portfolio, is steering local innovations onto the global stage. İbrahim Özer, the chairperson of Escort Technology, emphasizes the company’s mission to foster new unicorn ventures – startups valued at a billion dollars or more.
Özer outlines the company’s vision, with a particular focus on endeavors in healthcare and mobility. Escort Technology aims to play a pivotal role in Turkey’s digital transformation, with plans to launch three unicorn ventures in the medium term. Özer underscores the impact of mobility investments like Togg, Turkey’s first homegrown electric vehicle brand, and groundbreaking healthcare initiatives, highlighting their commitment to transformative projects.
Providing updates on startups they’ve invested in, Özer mentions that Bursa-based BrenPower, with its patented steam platform, signed a 10 million euro sales contract with a Poland-based firm for a five-year period. He also notes that Bugamed, a startup planning medical collagen production from organic waste with high technology, saw a 900% increase in company value within three years through its patented technology. Furthermore, Glaucot, which develops patented technology for glaucoma treatment, has initiated testing in Germany following clinical trials in Turkey.
Özer highlights a report by Evli Plc. Executives, which has invested in six listed companies in Turkey, detailing their insights after recent visits to companies, including Escort Technology. “Escom, following a fourfold profit increase in 2022 and a threefold increase in 2021, continues on a path to doubling its earnings annually. Alesta, the group’s direct startup investment arm, may unlock potential through a potential initial public offering (IPO),” he cited the report as saying. Among other success stories, Özer refers to NiCAT Battery Technologies, a company that has started operating at Technopark Izmir, contributing significantly to electric vehicle advancements.
He points out that nickel-cathode lithium-ion batteries, which are becoming increasingly common in electric vehicles, use nickel-based cathodes and represent the most important battery class where their product is applied. This battery technology is also used in areas such as maritime, residential energy storage, and electric construction machinery. Özer concludes by stating, “A technology startup company based in Izmir, which will produce nickel-based cathodes used in electric vehicles, construction machinery, maritime, and residential energy storage, aims to contribute to domestic electric cars. The two most important factors in electric vehicles, range and price, are determined by the battery.“
Conclusion:
Cerebrum Tech’s successful funding and expansion efforts, coupled with Escort Technology’s commitment to fostering unicorn startups and Novus’s AI solutions, indicate a vibrant and innovative tech ecosystem in Turkey. Additionally, Türk Telekom’s #CenturyPromise project reflects the growing interest in preserving national heritage and fostering citizen engagement. Fongogo Ventures’ unique hybrid model for venture capital investment showcases a forward-looking approach to supporting startups in Turkey’s evolving tech landscape. These developments collectively suggest significant opportunities and growth potential in Turkey’s technology and innovation markets.
